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He said: “To count as a holiday let, the property must be fully furnished and available for let for at least 210 days of the year.
“There are also varying regional restrictions to take into account, such as in London, the fact you are not allowed to rent for more than 90 days a year, unless you secure planning permission.”
That said, holiday lets can be extremely popular in areas of high demand, and a great way of avoiding long void periods between tenancies.
Ms Harper added: “Having a second home or holiday let is an attractive idea to many. But consider all the costs before making this decision, including any mortgages, maintenance, and potential ‘empty homes council tax’ premium, of up to 200pc on the usual rate.”
Redevelop the property
Another option to throw into the mix is going down the property development route. In theory, there’s potential to turn a profit, as doing work on a rental property may mean it can command a higher monthly rent in the future.
But the initial expenses can be sizeable, and the process can take a long time to complete.
You also need to tread carefully, given current labour shortages. Those looking to redevelop could face long waits for a builder or tradesman to become available.
Ms Harper said: “As labour and material price rises, this may be more costly and challenging than you anticipate. For many landlords wanting to leave the rental market because it is too much hassle, development is probably not the answer.”
Sell up
As a landlord, one of the “cleanest” options may be to sell up straight away.
Within this, there are a host of different routes to explore.
Ms Harper said: “You could, for example, sell the property ‘tenanted’ to another investor. Alternatively, you might think about selling via an investment agent. Or, if you are looking for a quick and certain exit, you could consider an auction.”
You could also contemplate “rent-to-own”. This is where you offer your tenants the opportunity to buy the property over time. This can be a socially beneficial way to sell, according to Ms Harper.
“Or, you could sell vacant,” she added. “While this gives potential buyers options, you should not ignore your tenants. Don’t overlook the disruption caused to those living in your property and paying rent. This is especially important if they have been there a long time.”
And don’t forget to factor in the costs of holding a vacant property until it sells – meaning the lost rental income. Right now, it is taking a long time for some stock to shift.
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